AUD/USD Forex Technical Analysis – Ready to Challenge Short-Term Retracement Zone at .7691 – .7728

The Australian Dollar is edging higher on Wednesday as investors shrugged-off stronger-than-expected U.S. Consumer Inflation data. The news, which was likely priced-in for weeks, failed to rattle investors, sending Treasury yields lower and undermining the U.S. Dollar.

In other news, the Westpac Consumer Sentiment Index surged to an 11-year peak in April, defying worries about the governments vaccine rollout. That followed a strong survey of businesses out on Tuesday.

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At 07:55 GMT, the AUD/USD is trading .7657, up 0.0031 or +0.40%.

[fx-image src=/2021/04/Daily-AUDUSD-7.jpg data-zoom-target=https://responsive.fxempire.com/cdn/n/n/_fxempire_/2021/04/Daily-AUDUSD-7.jpg originalWidth=1920 ratio=1.99]Daily AUD/USDDaily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. The trade through .7677 reaffirmed the uptrend. A move through .7586 will change the main trend to down.

The new minor range is .7532 to .7686. Its 50% level at .7609 is new support.

The short-term range is .7849 to .7532. Its retracement zone at .7691 to .7728 the first resistance area.

The main range is .8007 to .7532. Its retracement zone at .7770 to .7826 is another upside target. Its also controlling the near-term direction of the Forex pair.

[fx-article-ad]Daily Swing Chart Technical Forecast

The direction of the AUD/USD on Wednesday is likely to be determined by trader reaction to the short-term 50% level at .7691.

Bullish Scenario

A sustained move over .7691 will indicate the presence of buyers. This could trigger a surge into the short-term Fibonacci level at .7728. This is a potential trigger point for an acceleration into .7770 to .7826.

Bearish Scenario

A sustained move under .7690 will signal the presence of sellers. If this move creates enough downside momentum then look for the selling to possibly extend into the minor pivot at .7609. This is the last potential support before the .7586 main bottom.

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